The Financial Sector Conduct Authority (FSCA) has imposed administrative sanctions on three financial services providers (FSPs) for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations under the Financial Intelligence Centre Act (FIC Act).

The FIC Act is key to fighting money laundering, terrorism financing, and financial crime. The FSCA’s crackdown signals stricter enforcement ahead. Businesses must audit their processes or risk heavy fines.

The sanctioned firms are:

• Adams Chrambanis & Associates CC (FSP 11858)
• ID Capital (Pty) Ltd (FSP 10953)
• Henk Kolver Investment Management Services CC (FSP 5385)

“These compliance failures undermine South Africa’s financial integrity. We will not tolerate negligence in AML/CFT controls,” the FSCA stated.

Key Violations

Inspections revealed multiple breaches, including:

• Failure to implement Risk Management & Compliance Programs (RMCPs)
• Inadequate customer due diligence (missing checks for politically exposed persons)
• No screening against terrorism sanction lists
• Weak senior management oversight

Fines Imposed

• Adams Chrambanis: R785,000 (R300,000 suspended for 3 years)
• Henk Kolver: R300,000 (R150,000 suspended)
• ID Capital: R200,000 (R100,000 suspended)

“Proper due diligence is critical to keeping criminal elements out of our financial system,” the FSCA emphasized.

The regulator warned all accountable institutions to strengthen AML/CFT controls or face further action. Firms must regularly review compliance frameworks to avoid penalties.

FSCA Warns: Avoid Jacques Jordaan’s ‘Too-Good-To-Be-True’ Scam

By Gugu Lourie2025-04-03No Comments2 Mins Read

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The Financial Sector Conduct Authority (FSCA) has issued a stern warning to the public regarding Mr. Jacques Adriaan Jordaan, an individual allegedly soliciting investments with promises of unrealistic returns.

According to the FSCA, Jordaan has been encouraging members of the public to deposit funds into personal trading accounts under his control, claiming he will trade on their behalf for high profits. However, the regulator has received complaints that Jordaan failed to deliver returns and has since become unreachable.

“Trading profits cannot be guaranteed, and offers of unrealistic returns should always be treated with extreme suspicion,” the FSCA stated.

The FSCA confirmed that Jordaan is not authorised to provide any financial services in South Africa, raising serious concerns about the legitimacy of his operations. Despite attempts to reach him, Jordaan was unavailable for comment.